LHYAX | High Yield Fund Class A | Lord Abbett

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High Yield Fund

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Daily price w/o sales charge as of 09/23/2022

$6.08

arrowDown$0.06

YTD Returns w/o sales charge as of 09/23/2022

-15.52%

Please click here for performance current to the most recent quarter-end and month-end.

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Summary

Summary

What is the High Yield Fund?

The Fund seeks to deliver current income and the opportunity for capital appreciation by investing primarily in high yield corporate bonds.
 

A HERITAGE OF HIGH YIELD

Brings a 40+ year history of high-yield investing, focused on fundamental, bottom-up credit research.

AN OPPORTUNISTIC APPROACH

Provides the flexibility to adjust to the market environment and take advantage of opportunities across the credit spectrum.

STRONG TRACK RECORD

Has offered a track record of strong performance versus peers in up and down markets, demonstrating the strength of this active approach as a core high-yield holding over a full market cycle.

 

Yield

Dividend Yield 1 as of 09/23/2022  

w/o sales charge 6.20%
w/ sales charge 6.06%

30-Day Standardized Yield 2 as of 08/31/2022  

6.11%

In absence of the fee waiver, yields shown would have been lower. Yields for other share classes will vary.

Expense Ratioas of 08/31/2022

Fund Basicsas of 08/31/2022

Total Net Assets
$4.99 B
Inception Date
12/31/1998
Dividend Frequency
Monthly (Daily Accrual)
Number of Holdings
668
Minimum Initial Investment
$1,500+

Fund Expense Ratio :

0.88%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/1998
w/o sales charge -13.08% -12.60% -0.26% 1.45% 4.44% 5.88%
Lipper Category Avg. High Yield Funds -10.46% -9.94% 0.68% 2.04% 3.70% -
ICE BofA U.S. High Yield Constrained Index -11.02% -10.42% 0.78% 2.41% 4.43% 6.03%
w/ sales charge -15.00% -14.51% -1.01% 0.98% 4.20% 5.78%

Fund Expense Ratio :

0.88%

Fund Expense Ratio :

0.88%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/1998
w/o sales charge -15.57% -14.55% -1.15% 1.13% 4.49% 5.79%
Lipper Category Avg. High Yield Funds -13.28% -12.18% -0.15% 1.57% 3.64% -
ICE BofA U.S. High Yield Constrained Index -14.03% -12.66% -0.07% 1.94% 4.40% 5.92%
w/ sales charge -17.44% -16.42% -1.89% 0.66% 4.24% 5.69%

Fund Expense Ratio :

0.88%

Returns with sales charges reflect a maximum sales charge of 2.25%.

The performance quoted represents past performance, which is no indication of future results. Current performance may be higher or lower than the performance data quoted. Returns shown include the reinvestment of all distributions. Returns shown at net asset value do not reflect the current maximum sales charge, had the sales charge been included, returns would have been lower. The investment return and principal value of an investment will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than the original cost. Therefore, there can be no assurance for future results.

RELATED CONTENT

A Powerful Trend That Could Support U.S. High Yield in 2022
December 6, 2021

We expect a surge in “rising stars”—upgrades of U.S. debt issues from high yield to investment grade—over the next two years.

Type Assets
High Yield Bonds
Equity
Bank Loans
Investment Grade Bonds
Convertibles
Other
Cash

The Fund's portfolio is actively managed and is subject to change. "Other" may include municipal bonds and non-index holdings.

Allocations are reported as of the date a security transaction is initiated; however, certain transactions may not settle until several days later. Accordingly, cash may appear as a negative allocation as a result of unsettled transactions.

Maturity Assets
Less than 1 year
1-3 years
3-5 years
5-7 years
7-10 years
Greater than 10 years

The Fund's portfolio is actively managed and is subject to change. "Other" may include municipal bonds and non-index holdings.

Credit Quality Distribution as of 08/31/2022 View Portfolio

Rating Assets
BBB
BB
B
<B
Not Rated

Ratings (other than U.S. Treasury securities or securities issued or backed by U.S. agencies) provided by Standard & Poor's, Moody's, and Fitch. For certain securities that are not rated by any of these three agencies, credit ratings from other agencies may be used. Where the rating agencies rate a security differently, Lord Abbett uses the average rating based on numeric values assigned to each rating. Ratings range from AAA (highest) to D (lowest). Bonds rated BBB or above are considered investment grade. Credit ratings BB and below are lower-rated securities (junk bonds). High-yielding, non-investment-grade bonds (junk bonds) involve higher risks than investment-grade bonds. Adverse conditions may affect the issuer's ability to pay interest and principal on these securities. A portion of the portfolio's securities may not be rated. Breakdown is not an S&P credit rating or an opinion of S&P as to the creditworthiness of such portfolio. Ratings apply to the credit worthiness of the issuers of the underlying securities and not the fund or its shares. Ratings may be subject to change.

INVESTMENT TEAM

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Co-Head of Taxable Fixed Income

21 Years of Industry Experience

Robert A. Lee
Robert A. Lee

Partner & Co-Head of Taxable Fixed Income

31 Years of Industry Experience

Christopher Gizzo
Christopher Gizzo, CFA

Managing Director, Deputy Director of Leveraged Credit

14 Years of Industry Experience

Karen J. Gunnerson
Karen J. Gunnerson

Portfolio Manager

12 Years of Industry Experience

Supported By 70 Investment Professionals with 16 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 09/23/2022  

w/o sales charge 6.20%
w/ sales charge 6.06%

30-Day Standardized Yield 2 as of 08/31/2022  

  Subsidized3 Un-Subsidized4
w/o sales charge 6.11% 6.11%

In absence of the fee waiver, yields shown would have been lower. Yields for other share classes will vary.

Fund Expense Ratio :

0.88%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/1998
w/o sales charge -13.08% -12.60% -0.26% 1.45% 4.44% 5.88%
Lipper Category Avg. High Yield Funds -10.46% -9.94% 0.68% 2.04% 3.70% -
ICE BofA U.S. High Yield Constrained Index -11.02% -10.42% 0.78% 2.41% 4.43% 6.03%
w/ sales charge -15.00% -14.51% -1.01% 0.98% 4.20% 5.78%

Fund Expense Ratio :

0.88%

Fund Expense Ratio :

0.88%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/1998
w/o sales charge -15.57% -14.55% -1.15% 1.13% 4.49% 5.79%
Lipper Category Avg. High Yield Funds -13.28% -12.18% -0.15% 1.57% 3.64% -
ICE BofA U.S. High Yield Constrained Index -14.03% -12.66% -0.07% 1.94% 4.40% 5.92%
w/ sales charge -17.44% -16.42% -1.89% 0.66% 4.24% 5.69%

Fund Expense Ratio :

0.88%

Returns with sales charges reflect a maximum sales charge of 2.25%.

The performance quoted represents past performance, which is no indication of future results. Current performance may be higher or lower than the performance data quoted. Returns shown include the reinvestment of all distributions. Returns shown at net asset value do not reflect the current maximum sales charge, had the sales charge been included, returns would have been lower. The investment return and principal value of an investment will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than the original cost. Therefore, there can be no assurance for future results.

Year Fund Returns ICE BofA U.S. High Yield Constrained Index
2021 6.15% 5.35%
2020 4.49% 6.07%
2019 15.07% 14.41%
2018 -5.15% -2.27%
2017 8.50% 7.48%
2016 15.84% 17.49%
2015 -2.26% -4.61%
2014 3.46% 2.51%
2013 9.69% 7.41%
2012 16.50% 15.55%
2011 3.15% -
2010 14.31% -
2009 50.51% -
2008 -23.42% -
2007 2.43% -
2006 9.94% -
2005 1.15% -
2004 10.42% -
2003 21.59% -
2002 -0.10% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2022 -5.43% -10.72% - - -15.52%
2021 1.73% 3.11% 0.63% 0.57% 6.15%
2020 -16.65% 10.72% 5.69% 7.13% 4.49%
2019 7.50% 3.77% 0.28% 2.86% 15.07%
2018 -1.07% -0.04% 2.54% -6.47% -5.15%
2017 2.82% 1.98% 2.45% 1.00% 8.50%
2016 2.01% 5.52% 5.46% 2.05% 15.84%
2015 3.05% 0.86% -4.23% -1.81% -2.26%
2014 2.92% 3.38% -1.83% -0.95% 3.46%
2013 3.97% -1.03% 2.51% 3.99% 9.69%
2012 6.63% 0.36% 5.06% 3.61% 16.50%
2011 3.82% 1.07% -7.02% 5.73% 3.15%
2010 4.93% -0.92% 6.33% 3.40% 14.31%
2009 5.95% 17.32% 14.23% 6.01% 50.51%
2008 -3.43% 1.99% -7.81% -15.68% -23.42%
2007 2.98% 0.17% 0.48% -1.17% 2.43%
2006 2.57% 0.01% 2.80% 4.27% 9.94%
2005 -1.74% 1.49% 0.87% 0.56% 1.15%
2004 1.07% -0.32% 4.34% 5.04% 10.42%
2003 4.06% 8.25% 2.40% 5.41% 21.59%
2002 1.51% -3.59% -3.78% 6.10% -0.10%
2001 5.14% -1.67% -3.99% 6.15% 5.36%
2000 -1.66% 0.99% 0.31% -2.65% -3.01%
1999 3.43% -0.11% -0.81% 3.99% 6.57%
1998 - - - - 0.80%

Performance is shown for each quarter and each calendar year. Past performance is no guarantee of future results.

Growth of $10,000 as of 07/31/2021

The chart begins on the Fund's inception date of 12/31/1998.

Based on a hypothetical Class A share investment of $10,000 on 12/31/1998 without sales charge and includes the reinvestment of all distributions.

 

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Rating Assets
High Yield Bonds
Equity
Bank Loans
Investment Grade Bonds
Convertibles
Other
Cash

The Fund's portfolio is actively managed and is subject to change. "Other" may include municipal bonds and non-index holdings.

Allocations are reported as of the date a security transaction is initiated; however, certain transactions may not settle until several days later. Accordingly, cash may appear as a negative allocation as a result of unsettled transactions.

Rating Assets
Less than 1 year
1-3 years
3-5 years
5-7 years
7-10 years
Greater than 10 years

The Fund's portfolio is actively managed and is subject to change. "Other" may include municipal bonds and non-index holdings.

Credit Quality Distribution as of 08/31/2022

Rating Assets
BBB
BB
B
<B
Not Rated

Ratings (other than U.S. Treasury securities or securities issued or backed by U.S. agencies) provided by Standard & Poor's, Moody's, and Fitch. For certain securities that are not rated by any of these three agencies, credit ratings from other agencies may be used. Where the rating agencies rate a security differently, Lord Abbett uses the average rating based on numeric values assigned to each rating. Ratings range from AAA (highest) to D (lowest). Bonds rated BBB or above are considered investment grade. Credit ratings BB and below are lower-rated securities (junk bonds). High-yielding, non-investment-grade bonds (junk bonds) involve higher risks than investment-grade bonds. Adverse conditions may affect the issuer's ability to pay interest and principal on these securities. A portion of the portfolio's securities may not be rated. Breakdown is not an S&P credit rating or an opinion of S&P as to the creditworthiness of such portfolio. Ratings apply to the credit worthiness of the issuers of the underlying securities and not the fund or its shares. Ratings may be subject to change.

Portfolio Positioning as of 6/30/2022

  • We reduced the Fund’s credit risk, increasing its quality profile. In particular, we increased the Fund’s position in BB-rated credit meaningfully throughout the quarter. This deliberate move up-in-quality was in response to increased sentiment on rising recessionary risks in the U.S. and global economies. Separately, these credits yielded more attractive relative valuations, given the recent widening in spreads from the selloff of more duration sensitive bonds within the high yield universe. In a further move to decrease credit exposure, we simultaneously rotated away from CCC-rated credit and reduced the Fund’s overall spread risk. Notably, the Fund finished the quarter underweight CCCs from a risk-adjusted standpoint.
  • Energy was the top sector overweight position. Primary exposure to this sector remained in the Exploration & Production (E&P) subsector. Issuers in this subsector continued to benefit from a positive technical relationship in oil prices that had been a result of under supply in oil inventories coupled with heightened demand for global energy. However, we continued to gradually add to other subsectors, including Gas Distribution, given more attractive relative valuations. While the Fund remains overweight and we remain constructive on the energy sector, it is important to note that the high yield energy index now trades at much tighter spreads than the overall market. As a result, the return profile of that sector will be less of a positive outlier than it has been in the post-COVID-19 period to date. Additionally, we are mindful of the possibility of moderating energy demand as global growth slows. That said, we view Energy as a much more defensive sector than in the recent past given the fundamental behavioral changes of companies within the sector.
  • We remained constructive on the Basic Industry sector which finished as the second largest sector overweight. Within the sector, we continued to favor positions in both Metals and Mining and Chemicals subsectors. Despite the pullback in commodity prices in June, the sector should continue to be supported by a strong technical relationship, particularly given many ongoing supply shortages as the Russia-Ukrainian conflict continues. We had also gradually added positions associated with U.S. home building and home buying cycles in recent weeks. Although the housing industry has faced increased headwinds recently given higher construction costs and weaker mortgage demand, several investments have yielded attractive entry points after underperformance has resulted in levels where we believe there is more relative value.
  • We reduced the Fund’s allocation to sectors with excess exposure to consumer spending. We have limited the Fund’s holdings in sectors that may face headwinds in the short term as inflation continued to rise and weigh on consumer sentiment and potential spending patterns. Two of these sectors included Retail and Leisure. With respect to retailers, issuers have experienced higher input costs and ongoing supply chain issues. Additionally, U.S. consumers began to exhibit signs of curbing consumption on goods given rising prices. This trend was evident in low-end consumers, which may have less flexibility to absorb higher prices going forward. As for Leisure, we reduced the Fund’s exposure in the Gaming and Recreation & Travel subsectors given their sensitivity to rising labor costs, as well as their less attractive valuations. Certain Recreation & Travel issuers also are expected to face additional headwinds with higher fuel costs, which should add downward pressure on margins in the near term.
  • We meaningfully added to select defensive sectors. Recessionary risks continued growing throughout the quarter given the combination of steadily high inflation and tighter monetary policy. As a result, we have migrated the Fund to a moderately more defensive posture with a focus on the Healthcare and Utilities sector. Within Healthcare, we primarily targeted health facilities issuers, specifically higher credit-quality issuers that are less sensitive to heightened wage costs. With respect to Utilities, we added to issuers from the electric-generation space where we saw attractive relative value.
  • Media and Telecommunications sectors finished as the Fund’s largest sector underweights. We moved the Fund to a significant underweight position within the Media sector as we expect rising inflation and labor costs to continue to be a significant headwind. We have particularly trimmed the Fund’s holdings within the Cable & Satellite TV subsector which we feel is more exposed to these headwinds, particularly as select issuers in this space struggle with subscriptions losses. Within Telecommunications, we expect the sector to continue struggling with secular issues, with traditional wireline companies particularly at risk as their customer base continued to erode. Meanwhile, in our view, the wireless subsector within Telecommunications remained fully valued and more valuable investments reside in other sectors.
  • The Fund’s opportunistic allocations to out-of-index sectors decreased for the quarter. While we believe that select exposures to these asset classes can offer attractive risk-reward opportunities, potential portfolio diversification benefits and avenues for liquidity, we reduced off-index exposure based on increased risk-off sentiment and moved further into high-quality high yield bonds. The strong preference for domestic, U.S. dollar, fixed rate exposure drove reductions in asset classes such as equity, convertibles, bank loans and emerging market bonds. Separately, Fund cash remains elevated compared to historical levels.

Portfolio Details as of 08/31/2022

Total Net Assets
$4.99 B
Number of Issues
668
Average Coupon
5.38%
Average Maturity
6.53 Years
Average Effective Duration
4.06 Years

To view definitions for the above Portfolio Details, Click here.

Average Coupon - The weighted average annual rate of interest on a bond’s face value that the issuer agrees to pay the holder until maturity for all the securities in a portfolio.

Average Maturity - The length of time until the average security in a portfolio will mature or be redeemed by its issuer in proportion to its dollar value. Indicating a portfolio’s sensitivity to general market interest rate changes, a longer average maturity implies greater relative portfolio volatility.

Average Effective Duration - The change in the value of a fixed income security that will result from a 1% change in interest rates, taking into account anticipated cash flow fluctuations from mortgage prepayments, puts, adjustable coupons, and potential call dates. Duration is expressed as a number of years, and generally, the larger a duration, the greater the interest-rate risk or reward for a portfolio’s underlying bond prices. Where applicable, certain investments, such as common or preferred stock, convertible bonds and convertible preferred stock, ETFs, ADRs, and CPI swaps and related futures, are excluded from these calculations.

Holding Coupon Maturity Assets
Sprint Capital Corp 6.875% 11/15/2028 1.0%
Occidental Petroleum Corp 6.125% 01/01/2031 0.9%
Tenet Healthcare Corp 4.375% 01/15/2030 0.7%
CCO Holdings LLC / CCO Holdings Capital Corp 4.750% 03/01/2030 0.7%
Jazz Securities DAC 4.375% 01/15/2029 0.6%
Ford Motor Credit Co LLC 2.900% 02/10/2029 0.6%
Medline Borrower LP 3.875% 04/01/2029 0.5%
Centene Corp 4.625% 12/15/2029 0.5%
CHS/Community Health Systems Inc 4.750% 02/15/2031 0.5%
Ford Motor Co 3.250% 02/12/2032 0.5%
% of Total Assets 6.5%
Holding Coupon Maturity Assets
Sprint Capital Corp6.875% 11/15/20281.0%
Occidental Petroleum Corp6.125% 01/01/20311.0%
CCO Holdings LLC / CCO Holdings Capital Corp4.750% 03/01/20300.8%
Medline Borrower LP3.875% 04/01/20290.7%
Tenet Healthcare Corp4.375% 01/15/20300.7%
Jazz Securities DAC4.375% 01/15/20290.7%
HCA Inc3.500% 09/01/20300.6%
CHS/Community Health Systems Inc4.750% 02/15/20310.6%
Centene Corp4.625% 12/15/20290.5%
Vistra Operations Co LLC4.375% 05/01/20290.5%
Ford Motor Co3.250% 02/12/20320.5%
CCO Holdings LLC / CCO Holdings Capital Corp4.500% 08/15/20300.5%
Ford Motor Credit Co LLC2.900% 02/10/20290.4%
Organon & Co / Organon Foreign Debt Co-Issuer BV5.125% 04/30/20310.4%
Cheniere Energy Partners LP3.250% 01/31/20320.4%
Molina Healthcare Inc3.875% 11/15/20300.4%
Post Holdings Inc4.500% 09/15/20310.4%
American Airlines Inc11.750% 07/15/20250.4%
Crowdstrike Holdings Inc3.000% 02/15/20290.4%
United Rentals North America Inc3.875% 02/15/20310.4%
Colgate Energy Partners III LLC5.875% 07/01/20290.4%
Matador Resources Co5.875% 09/15/20260.4%
Perrigo Finance Unlimited Co4.400% 06/15/20300.4%
180 Medical Inc3.875% 10/15/20290.4%
NRG Energy Inc3.875% 02/15/20320.4%
Alcoa Nederland Holding BV4.125% 03/31/20290.4%
TransDigm Inc4.625% 01/15/20290.4%
Organon & Co / Organon Foreign Debt Co-Issuer BV4.125% 04/30/20280.4%
GS Mortgage Securities Corp Trust 2021-ROSS MZ11.499% 06/15/20260.3%
Talen Energy Supply LLC6.500% 06/01/20250.3%
Gulfport Energy Corp8.000% 05/17/20260.3%
ON Semiconductor Corp3.875% 09/01/20280.3%
AMC Networks Inc4.250% 02/15/20290.3%
Acadia Healthcare Co Inc5.000% 04/15/20290.3%
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp5.250% 05/15/20270.3%
SBA Communications Corp3.875% 02/15/20270.3%
Centene Corp3.000% 10/15/20300.3%
Laredo Petroleum Inc10.125% 01/15/20280.3%
Avantor Funding Inc3.875% 11/01/20290.3%
Altice France SA/France5.125% 07/15/20290.3%
Ball Corp2.875% 08/15/20300.3%
Carnival Corp4.000% 08/01/20280.3%
Encino Acquisition Partners Holdings LLC8.500% 05/01/20280.3%
Sylvamo Corp7.000% 09/01/20290.3%
United Airlines Inc4.625% 04/15/20290.3%
Gray Escrow II Inc5.375% 11/15/20310.3%
PBF Holding Co LLC / PBF Finance Corp7.250% 06/15/20250.3%
ModivCare Escrow Issuer Inc5.000% 10/01/20290.3%
Virgin Media Secured Finance PLC5.500% 05/15/20290.3%
Ingles Markets Inc4.000% 06/15/20310.3%
Crescent Energy Finance LLC7.250% 05/01/20260.3%
Navient Corp6.750% 06/25/20250.3%
Frontier Communications Holdings LLC5.875% 10/15/20270.3%
Baytex Energy Corp8.750% 04/01/20270.3%
Oceaneering International Inc6.000% 02/01/20280.3%
Pattern Energy Operations LP / Pattern Energy Operations Inc4.500% 08/15/20280.3%
Fontainebleau Miami Beach Trust 2019-FBLU3.963% 12/10/20360.3%
H&E Equipment Services Inc3.875% 12/15/20280.3%
Twilio Inc3.625% 03/15/20290.3%
Buena Vista Gaming Authority13.000% 04/01/20230.3%
California Resources Corp7.125% 02/01/20260.3%
Synovus Financial Corp5.900% 02/07/20290.3%
Atkore Inc4.250% 06/01/20310.3%
Gartner Inc3.750% 10/01/20300.3%
Centennial Resource Production LLC5.375% 01/15/20260.3%
Service Corp International/US3.375% 08/15/20300.3%
Vermilion Energy Inc6.875% 05/01/20300.3%
JP Morgan Chase Commercial Mortgage Securities Trust 2021-14405.849% 03/15/20360.3%
Civitas Resources Inc5.000% 10/15/20260.3%
Centennial Resource Production LLC6.875% 04/01/20270.3%
Murphy Oil USA Inc3.750% 02/15/20310.2%
Coronado Finance Pty Ltd10.750% 05/15/20260.2%
Lamb Weston Holdings Inc4.125% 01/31/20300.2%
CDI Escrow Issuer Inc5.750% 04/01/20300.2%
Option Care Health Inc4.375% 10/31/20290.2%
HealthEquity Inc4.500% 10/01/20290.2%
Western Midstream Operating LP4.300% 02/01/20300.2%
Twilio Inc3.875% 03/15/20310.2%
Aethon United BR LP / Aethon United Finance Corp8.250% 02/15/20260.2%
Movida Europe SA5.250% 02/08/20310.2%
Endeavor Energy Resources LP / EER Finance Inc5.750% 01/30/20280.2%
Churchill Downs Inc4.750% 01/15/20280.2%
Builders FirstSource Inc4.250% 02/01/20320.2%
CVR Partners LP / CVR Nitrogen Finance Corp6.125% 06/15/20280.2%
Coeur Mining Inc5.125% 02/15/20290.2%
CSC Holdings LLC6.500% 02/01/20290.2%
Grifols Escrow Issuer SA4.750% 10/15/20280.2%
Callon Petroleum Co8.000% 08/01/20280.2%
Tenet Healthcare Corp4.250% 06/01/20290.2%
FMG Resources August 2006 Pty Ltd4.375% 04/01/20310.2%
1011778 BC ULC / New Red Finance Inc4.000% 10/15/20300.2%
BFLD 2019-DPLO4.539% 10/15/20340.2%
Air Methods Corp8.000% 05/15/20250.2%
AMN Healthcare Inc4.000% 04/15/20290.2%
Texas Capital Bancshares Inc4.000% 05/06/20310.2%
Virgin Media Finance PLC5.000% 07/15/20300.2%
Hawaiian Brand Intellectual Property Ltd / HawaiianMiles Loyalty Ltd5.750% 01/20/20260.2%
Earthstone Energy Holdings LLC8.000% 04/15/20270.2%
Loarre Investments Sarl6.500% 05/15/20290.2%
Altice France SA/France8.125% 02/01/20270.2%
Levi Strauss & Co3.500% 03/01/20310.2%
Synaptics Inc4.000% 06/15/20290.2%
Elastic NV4.125% 07/15/20290.2%
Olin Corp5.000% 02/01/20300.2%
TransDigm Inc5.500% 11/15/20270.2%
Vmed O2 UK Financing I PLC4.750% 07/15/20310.2%
Mueller Water Products Inc4.000% 06/15/20290.2%
Hecla Mining Co7.250% 02/15/20280.2%
Midcap Financial Issuer Trust6.500% 05/01/20280.2%
American Airlines Group Inc3.750% 03/01/20250.2%
Apache Corp4.750% 04/15/20430.2%
Apache Corp5.100% 09/01/20400.2%
Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp4.875% 05/01/20290.2%
Go Daddy Operating Co LLC / GD Finance Co Inc3.500% 03/01/20290.2%
Sealed Air Corp6.875% 07/15/20330.2%
Fortress Transportation and Infrastructure Investors LLC5.500% 05/01/20280.2%
CQP Holdco LP / BIP-V Chinook Holdco LLC5.500% 06/15/20310.2%
Resideo Funding Inc4.000% 09/01/20290.2%
LSB Industries Inc6.250% 10/15/20280.2%
BEP Ulterra Holdings Inc7.622% 11/26/20250.2%
USA Compression Partners LP / USA Compression Finance Corp6.875% 09/01/20270.2%
Viper Energy Partners LP5.375% 11/01/20270.2%
Hilton Domestic Operating Co Inc3.625% 02/15/20320.2%
SM Energy Co6.750% 09/15/20260.2%
Post Holdings Inc4.625% 04/15/20300.2%
Tenet Healthcare Corp6.125% 10/01/20280.2%
Entegris Inc3.625% 05/01/20290.2%
Legends Hospitality Holding Co LLC / Legends Hospitality Co-Issuer Inc5.000% 02/01/20260.2%
Catalent Pharma Solutions Inc3.500% 04/01/20300.2%
Rockcliff Energy II LLC5.500% 10/15/20290.2%
Berry Petroleum Co LLC7.000% 02/15/20260.2%
Air Canada3.875% 08/15/20260.2%
Live Nation Entertainment Inc3.750% 01/15/20280.2%
Kinetik Holdings LP5.875% 06/15/20300.2%
Southwestern Energy Co8.375% 09/15/20280.2%
Buckeye Partners LP3.950% 12/01/20260.2%
Charles River Laboratories International Inc4.250% 05/01/20280.2%
Perimeter Master Note Business Trust5.190% 05/15/20270.2%
PRA Group Inc5.000% 10/01/20290.2%
Comstock Resources Inc5.875% 01/15/20300.2%
1011778 BC ULC / New Red Finance Inc3.500% 02/15/20290.2%
Performance Food Group Inc4.250% 08/01/20290.2%
MSCI Inc3.875% 02/15/20310.2%
Entegris Escrow Corp4.750% 04/15/20290.2%
Belo Corp7.250% 09/15/20270.2%
Compass Minerals International Inc6.750% 12/01/20270.2%
American Airlines Inc/AAdvantage Loyalty IP Ltd5.750% 04/20/20290.2%
Southwestern Energy Co5.375% 02/01/20290.2%
Ardonagh Midco 2 PLC11.500% 01/15/20270.2%
Hunt Cos Inc5.250% 04/15/20290.2%
NOVA Chemicals Corp4.250% 05/15/20290.2%
VZ Secured Financing BV5.000% 01/15/20320.2%
Texas Capital Bank NA5.250% 01/31/20260.2%
PeopleCert Wisdom Issuer PLC5.750% 09/15/20260.2%
EverArc Escrow Sarl5.000% 10/30/20290.2%
NextEra Energy Operating Partners LP4.500% 09/15/20270.2%
Select Medical Corp6.250% 08/15/20260.2%
Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC3.500% 03/15/20290.2%
Calpine Corp3.750% 03/01/20310.2%
United States Steel Corp6.875% 03/01/20290.2%
ROBLOX Corp3.875% 05/01/20300.2%
Boyd Gaming Corp4.750% 06/15/20310.2%
Ingevity Corp3.875% 11/01/20280.2%
UPC Broadband Finco BV4.875% 07/15/20310.2%
US Acute Care Solutions LLC6.375% 03/01/20260.2%
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc5.000% 06/01/20290.2%
Centene Corp3.375% 02/15/20300.2%
CSC Holdings LLC4.125% 12/01/20300.2%
Directv Financing LLC / Directv Financing Co-Obligor Inc5.875% 08/15/20270.2%
TerraForm Power Operating LLC4.750% 01/15/20300.2%
Maxar Technologies Inc7.750% 06/15/20270.2%
Boyne USA Inc4.750% 05/15/20290.2%
Laredo Petroleum Inc7.750% 07/31/20290.2%
SunCoke Energy Inc4.875% 06/30/20290.2%
SPCM SA3.375% 03/15/20300.2%
Hologic Inc3.250% 02/15/20290.2%
Braskem Idesa SAPI7.450% 11/15/20290.2%
Builders FirstSource Inc6.375% 06/15/20320.2%
Condor Merger Sub Inc7.375% 02/15/20300.2%
ZipRecruiter Inc5.000% 01/15/20300.2%
Owens & Minor Inc4.500% 03/31/20290.2%
Netflix Inc3.625% 06/15/20250.2%
Tri Pointe Homes Inc5.250% 06/01/20270.2%
TK Elevator US Newco Inc5.250% 07/15/20270.2%
Wyndham Hotels & Resorts Inc4.375% 08/15/20280.2%
SierraCol Energy Andina LLC6.000% 06/15/20280.2%
Taseko Mines Ltd7.000% 02/15/20260.2%
Jane Street Group / JSG Finance Inc4.500% 11/15/20290.2%
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp8.000% 04/01/20290.2%
AMMC CLO 24 Ltd9.280% 01/20/20350.2%
Owens & Minor Inc6.625% 04/01/20300.2%
Calpine Corp5.000% 02/01/20310.2%
Jefferson Capital Holdings LLC6.000% 08/15/20260.2%
Chord Energy Corp6.375% 06/01/20260.2%
Dycom Industries Inc4.500% 04/15/20290.2%
EnerSys4.375% 12/15/20270.2%
M/I Homes Inc4.950% 02/01/20280.2%
HAT Holdings I LLC / HAT Holdings II LLC3.750% 09/15/20300.2%
BK LC Lux Finco1 Sarl5.250% 04/30/20290.2%
Pike Corp5.500% 09/01/20280.2%
Hertz Corp/The5.000% 12/01/20290.2%
WMG Acquisition Corp3.000% 02/15/20310.2%
XHR LP4.875% 06/01/20290.2%
SEB Funding LLC4.969% 01/30/20520.2%
SM Energy Co6.625% 01/15/20270.2%
SeaWorld Parks & Entertainment Inc5.250% 08/15/20290.2%
CSMC 2021-BPNY5.714% 08/15/20230.2%
HAT Holdings I LLC / HAT Holdings II LLC3.375% 06/15/20260.2%
Arconic Corp6.125% 02/15/20280.2%
PetSmart Inc / PetSmart Finance Corp4.750% 02/15/20280.2%
Forestar Group Inc5.000% 03/01/20280.2%
Credit Index Swap5.000% 06/20/20270.2%
Hilcorp Energy I LP / Hilcorp Finance Co6.000% 02/01/20310.2%
SRS Distribution Inc4.625% 07/01/20280.2%
Occidental Petroleum Corp7.500% 05/01/20310.2%
Delta Air Lines Inc3.750% 10/28/20290.2%
Sabre GLBL Inc9.250% 04/15/20250.2%
Centene Corp4.250% 12/15/20270.2%
WMG Acquisition Corp3.750% 12/01/20290.2%
Bellis Finco PLC4.000% 02/16/20270.2%
Cedar Fair LP5.250% 07/15/20290.2%
Mercer International Inc5.125% 02/01/20290.2%
Century Communities Inc3.875% 08/15/20290.2%
Aegea Finance Sarl6.750% 05/20/20290.2%
Kennedy-Wilson Inc4.750% 03/01/20290.2%
DT Midstream Inc4.125% 06/15/20290.2%
Imola Merger Corp4.750% 05/15/20290.2%
Peabody Energy Corp5.049% 03/31/20250.2%
Cable One Inc4.000% 11/15/20300.2%
Precision Drilling Corp6.875% 01/15/20290.2%
RIVERBED TECHNOLOGY INC2.000% 12/07/20260.2%
VistaJet Malta Finance PLC / XO Management Holding Inc6.375% 02/01/20300.2%
Alcoa Nederland Holding BV5.500% 12/15/20270.2%
ATS Automation Tooling Systems Inc4.125% 12/15/20280.2%
Charles River Laboratories International Inc3.750% 03/15/20290.2%
Jacobs Entertainment Inc6.750% 02/15/20290.2%
National CineMedia LLC5.875% 04/15/20280.2%
LSF11 A5 HoldCo LLC6.625% 10/15/20290.2%
Tullow Oil PLC10.250% 05/15/20260.2%
Charles River Laboratories International Inc4.000% 03/15/20310.2%
Coinbase Global Inc3.625% 10/01/20310.2%
Caesars Entertainment Inc4.625% 10/15/20290.2%
Avis Budget Car Rental LLC / Avis Budget Finance Inc5.375% 03/01/20290.2%
Teva Pharmaceutical Finance Netherlands III BV5.125% 05/09/20290.2%
MSCI Inc3.250% 08/15/20330.2%
AG Issuer LLC6.250% 03/01/20280.2%
Callon Petroleum Co6.375% 07/01/20260.2%
Port of Newcastle Investments Financing Pty Ltd5.900% 11/24/20310.2%
Comstock Resources Inc6.750% 03/01/20290.2%
Cheniere Energy Inc4.625% 10/15/20280.2%
MEG Energy Corp5.875% 02/01/20290.2%
Vedanta Resources Finance II PLC8.950% 03/11/20250.2%
CNX Resources Corp6.000% 01/15/20290.2%
Weatherford International Ltd6.500% 09/15/20280.2%
Resorts World Las Vegas LLC / RWLV Capital Inc4.625% 04/06/20310.2%
Wells Fargo & Co3.900% 03/15/21710.2%
CrownRock LP / CrownRock Finance Inc5.000% 05/01/20290.2%
Venture Global Calcasieu Pass LLC3.875% 11/01/20330.2%
Canary Wharf Group Investment Holdings PLC3.375% 04/23/20280.2%
Cablevision Lightpath LLC5.625% 09/15/20280.2%
Vistra Corp7.000% 06/15/21710.2%
Scientific Games Holdings LP/Scientific Games US FinCo Inc6.625% 03/01/20300.2%
Papa John's International Inc3.875% 09/15/20290.2%
Proofpoint Inc4.825% 08/31/20280.2%
Tenet Healthcare Corp6.125% 06/15/20300.2%
Aramark Services Inc5.000% 02/01/20280.2%
Marriott Ownership Resorts Inc4.500% 06/15/20290.2%
Epicor Software Corp5.622% 07/30/20270.2%
Lamar Media Corp3.750% 02/15/20280.2%
Delek Logistics Partners LP / Delek Logistics Finance Corp7.125% 06/01/20280.2%
Wendy's International LLC7.000% 12/15/20250.2%
Live Nation Entertainment Inc4.750% 10/15/20270.2%
Kosmos Energy Ltd7.500% 03/01/20280.1%
United States Steel Corp6.650% 06/01/20370.1%
ASR Media and Sponsorship SpA5.125% 08/01/20240.1%
Seaspan Corp5.500% 08/01/20290.1%
Lindblad Expeditions LLC6.750% 02/15/20270.1%
Pilgrim's Pride Corp4.250% 04/15/20310.1%
PLT VII Finance Sarl4.625% 01/05/20260.1%
Prime Security Services Borrower LLC / Prime Finance Inc3.375% 08/31/20270.1%
Murphy Oil Corp6.375% 07/15/20280.1%
BellRing Brands Inc7.000% 03/15/20300.1%
Frontier Communications Holdings LLC6.000% 01/15/20300.1%
US Foods Inc4.625% 06/01/20300.1%
Goldman Sachs Group Inc/The3.650% 02/10/21710.1%
American Builders & Contractors Supply Co Inc4.000% 01/15/20280.1%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC6.000% 06/15/20270.1%
CNX Midstream Partners LP4.750% 04/15/20300.1%
Tap Rock Resources LLC7.000% 10/01/20260.1%
Leeward Renewable Energy Operations LLC4.250% 07/01/20290.1%
Armor Holdco Inc8.500% 11/15/20290.1%
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer5.875% 10/01/20280.1%
Bloomin' Brands Inc / OSI Restaurant Partners LLC5.125% 04/15/20290.1%
Pactiv LLC7.950% 12/15/20250.1%
Northriver Midstream Finance LP5.625% 02/15/20260.1%
Patterson-UTI Energy Inc3.950% 02/01/20280.1%
VF Ukraine PAT via VFU Funding PLC6.200% 02/11/20250.1%
Buckeye Partners LP6.375% 01/22/20780.1%
Standard Industries Inc/NJ3.375% 01/15/20310.1%
Park River Holdings Inc5.625% 02/01/20290.1%
Alta Equipment Group Inc5.625% 04/15/20260.1%
Range Resources Corp4.875% 05/15/20250.1%
TerraForm Power Operating LLC5.000% 01/31/20280.1%
Global Atlantic Fin Co4.700% 10/15/20510.1%
Warrior Met Coal Inc7.875% 12/01/20280.1%
Arcosa Inc4.375% 04/15/20290.1%
Travel + Leisure Co6.625% 07/31/20260.1%
Ahern Rentals Inc7.375% 05/15/20230.1%
Lumen Technologies Inc4.000% 02/15/20270.1%
Welltec International ApS8.250% 10/15/20260.1%
Roller Bearing Co of America Inc4.375% 10/15/20290.1%
Mauser Packaging Solutions Holding Co5.500% 04/15/20240.1%
Allison Transmission Inc3.750% 01/30/20310.1%
Iris Holding Inc10.000% 12/15/20280.1%
Minsur SA4.500% 10/28/20310.1%
Great Wolf Trust 2019-WOLF4.731% 12/15/20360.1%
Alloy Finco Ltd0.500% 03/06/20250.1%
LCM Investments Holdings II LLC4.875% 05/01/20290.1%
Antero Midstream Partners LP / Antero Midstream Finance Corp5.375% 06/15/20290.1%
Range Resources Corp4.750% 02/15/20300.1%
Nabors Industries Inc7.375% 05/15/20270.1%
Group 1 Automotive Inc4.000% 08/15/20280.1%
Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B BV4.750% 06/15/20270.1%
Navient Corp6.750% 06/15/20260.1%
Venture Global Calcasieu Pass LLC4.125% 08/15/20310.1%
Great Lakes Dredge & Dock Corp5.250% 06/01/20290.1%
AA Bond Co Ltd6.500% 01/31/20260.1%
Buckeye Partners LP4.125% 12/01/20270.1%
Howmet Aerospace Inc5.950% 02/01/20370.1%
Azul Investments LLP7.250% 06/15/20260.1%
SPX FLOW Inc8.750% 04/01/20300.1%
Horizon Therapeutics USA Inc5.500% 08/01/20270.1%
Callon Petroleum Co7.500% 06/15/20300.1%
Hilton Domestic Operating Co Inc4.875% 01/15/20300.1%
Valvoline Inc4.250% 02/15/20300.1%
Shea Homes LP / Shea Homes Funding Corp4.750% 04/01/20290.1%
Empire Resorts Inc7.750% 11/01/20260.1%
Sealed Air Corp5.000% 04/15/20290.1%
Madison IAQ LLC5.875% 06/30/20290.1%
PTC Inc4.000% 02/15/20280.1%
SRM Escrow Issuer LLC6.000% 11/01/20280.1%
Molina Healthcare Inc3.875% 05/15/20320.1%
Penn Virginia Holdings LLC9.250% 08/15/20260.1%
GIBSON BRANDS PRIVATE EQUITY0.000% -0.1%
Ulker Biskuvi Sanayi AS6.950% 10/30/20250.1%
Science Applications International Corp4.875% 04/01/20280.1%
PeopleCert Wisdom Issuer PLC5.750% 09/15/20260.1%
FMG Resources August 2006 Pty Ltd6.125% 04/15/20320.1%
Eco Material Technologies Inc7.875% 01/31/20270.1%
Wabash National Corp4.500% 10/15/20280.1%
Everi Holdings Inc5.000% 07/15/20290.1%
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp4.250% 02/01/20270.1%
Centene Corp2.500% 03/01/20310.1%
SM Energy Co0.000% -0.1%
Millennium Escrow Corp6.625% 08/01/20260.1%
Calpine Corp4.625% 02/01/20290.1%
Ashland LLC6.875% 05/15/20430.1%
Punch Finance PLC6.125% 06/30/20260.1%
APi Escrow Corp4.750% 10/15/20290.1%
MSCI Inc3.625% 11/01/20310.1%
Shift4 Payments LLC / Shift4 Payments Finance Sub Inc4.625% 11/01/20260.1%
Minerals Technologies Inc5.000% 07/01/20280.1%
DCP Midstream Operating LP3.250% 02/15/20320.1%
Venture Global Calcasieu Pass LLC3.875% 08/15/20290.1%
Minerva Merger Sub Inc6.500% 02/15/20300.1%
Valvoline Inc3.625% 06/15/20310.1%
Hertz Corp/The4.625% 12/01/20260.1%
Scotts Miracle-Gro Co/The4.000% 04/01/20310.1%
CEC Entertainment LLC6.750% 05/01/20260.1%
MHP Lux SA6.250% 09/19/20290.1%
Vmed O2 UK Financing I PLC4.250% 01/31/20310.1%
Enphase Energy Inc0.000% 03/01/20280.1%
Univision Communications Inc7.375% 06/30/20300.1%
Turkiye Petrol Rafinerileri AS4.500% 10/18/20240.1%
BlueLinx Holdings Inc6.000% 11/15/20290.1%
Outfront Media Capital LLC / Outfront Media Capital Corp4.250% 01/15/20290.1%
Forestar Group Inc3.850% 05/15/20260.1%
Advanced Drainage Systems Inc6.375% 06/15/20300.1%
Kennedy-Wilson Inc5.000% 03/01/20310.1%
AI Candelaria Spain SA7.500% 12/15/20280.1%
Northwest Fiber LLC / Northwest Fiber Finance Sub Inc10.750% 06/01/20280.1%
IIP Operating Partnership LP5.500% 05/25/20260.1%
Howard Hughes Corp/The5.375% 08/01/20280.1%
APi Group DE Inc4.125% 07/15/20290.1%
Central American Bottling Corp / CBC Bottling Holdco SL / Beliv Holdco SL5.250% 04/27/20290.1%
AHP Health Partners Inc5.750% 07/15/20290.1%
Amsted Industries Inc4.625% 05/15/20300.1%
Vivion Investments Sarl3.000% 08/08/20240.1%
Range Resources Corp8.250% 01/15/20290.1%
MIWD Holdco II LLC / MIWD Finance Corp5.500% 02/01/20300.1%
Celsius Holdings Inc0.000% -0.1%
United Airlines Inc4.375% 04/15/20260.1%
Cullinan Holdco Scsp4.625% 10/15/20260.1%
Chobani LLC / Chobani Finance Corp Inc4.625% 11/15/20280.1%
SM Energy Co5.625% 06/01/20250.1%
Range Resources Corp0.000% -0.1%
Booz Allen Hamilton Inc3.875% 09/01/20280.1%
LBM Acquisition LLC6.250% 01/15/20290.1%
LABL Inc6.750% 07/15/20260.1%
Block Inc3.500% 06/01/20310.1%
Darling Ingredients Inc5.250% 04/15/20270.1%
ATI Inc5.125% 10/01/20310.1%
Ascent Resources Utica Holdings LLC / ARU Finance Corp5.875% 06/30/20290.1%
Hershey Co/The0.000% -0.1%
Western Midstream Operating LP5.500% 02/01/20500.1%
Ford Motor Credit Co LLC4.000% 11/13/20300.1%
Hilton Domestic Operating Co Inc3.750% 05/01/20290.1%
ROBLOX Corp0.000% -0.1%
White Cap Buyer LLC6.875% 10/15/20280.1%
Pinewood Finance Co Ltd3.625% 11/15/20270.1%
SCIH Salt Holdings Inc6.625% 05/01/20290.1%
Silgan Holdings Inc4.125% 02/01/20280.1%
Victors Merger Corp6.375% 05/15/20290.1%
Weatherford International Ltd8.625% 04/30/20300.1%
Southwestern Energy Co5.950% 01/23/20250.1%
Stonegate Pub Co Financing 2019 PLC8.250% 07/31/20250.1%
Pinewood Finance Co Ltd3.625% 11/15/20270.1%
Summer BC Bidco B LLC5.500% 10/31/20260.1%
Element Solutions Inc3.875% 09/01/20280.1%
RBC Bearings Inc0.000% 10/15/20240.1%
Wingstop Inc0.000% -0.1%
ZoomInfo Technologies LLC/ZoomInfo Finance Corp3.875% 02/01/20290.1%
ASP Unifrax Holdings Inc7.500% 09/30/20290.1%
HUB International Ltd7.000% 05/01/20260.1%
Anastasia Parent LLC6.000% 08/11/20250.1%
Novelis Corp3.875% 08/15/20310.1%
Golden Goose SpA4.875% 05/14/20270.1%
Hess Midstream Operations LP5.125% 06/15/20280.1%
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp4.750% 06/15/20290.1%
Jack Henry & Associates Inc0.000% -0.1%
Cytokinetics Inc3.500% 07/01/20270.1%
Kontoor Brands Inc4.125% 11/15/20290.1%
Apple Inc0.000% -0.1%
Penn National Gaming Inc4.125% 07/01/20290.1%
SRS Distribution Inc6.000% 12/01/20290.1%
Trex Co Inc0.000% -0.1%
Beacon Roofing Supply Inc4.125% 05/15/20290.1%
Ahead DB Holdings LLC6.625% 05/01/20280.1%
Mohegan Gaming & Entertainment8.000% 02/01/20260.1%
SCIH Salt Holdings Inc4.875% 05/01/20280.1%
MGM Resorts International4.625% 09/01/20260.1%
CT Trust5.125% 02/03/20320.1%
Cullinan Holdco Scsp4.625% 10/15/20260.1%
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer5.875% 11/01/20290.1%
Nabors Industries Inc5.750% 02/01/20250.1%
Weekley Homes LLC / Weekley Finance Corp4.875% 09/15/20280.1%
Penske Automotive Group Inc3.750% 06/15/20290.1%
Syneos Health Inc3.625% 01/15/20290.1%
Engineered Components & Systems LLC7.872% 08/02/20280.1%
Geopark Ltd5.500% 01/17/20270.1%
Garden Spinco Corp8.625% 07/20/20300.1%
Carriage Purchaser Inc7.875% 10/15/20290.1%
MC Brazil Downstream Trading SARL7.250% 06/30/20310.1%
International Game Technology PLC5.250% 01/15/20290.1%
Brown-Forman Corp0.000% -0.1%
Cushman & Wakefield US Borrower LLC6.750% 05/15/20280.1%
Monarch Casino & Resort Inc0.000% -0.1%
Genting New York LLC / GENNY Capital Inc3.300% 02/15/20260.1%
Targa Resources Partners LP / Targa Resources Partners Finance Corp5.000% 01/15/20280.1%
Monster Beverage Corp0.000% -0.1%
Yum! Brands Inc5.350% 11/01/20430.1%
Canacol Energy Ltd5.750% 11/24/20280.1%
Station Casinos LLC4.625% 12/01/20310.1%
GPS Hospitality Holding Co LLC / GPS Finco Inc7.000% 08/15/20280.1%
Murphy Oil USA Inc4.750% 09/15/20290.1%
Empresa Generadora de Electricidad Haina SA5.625% 11/08/20280.1%
Exelixis Inc0.000% -0.1%
Jerrold Finco PLC5.250% 01/15/20270.1%
KB Home7.250% 07/15/20300.1%
Kestrel Acquisition LLC6.630% 06/02/20250.1%
Gap Inc/The3.875% 10/01/20310.1%
Booz Allen Hamilton Holding Corp0.000% -0.1%
Krystal Biotech Inc0.000% -0.1%
Limak Iskenderun Uluslararasi Liman Isletmeciligi AS9.500% 07/10/20360.1%
MakeMyTrip Ltd0.000% 02/15/20280.1%
Pediatrix Medical Group Inc5.375% 02/15/20300.1%
Baytex Energy Corp0.000% -0.1%
Antero Resources Corp7.625% 02/01/20290.1%
PARKWAY GENERATION LLC7.122% 02/18/20290.1%
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer4.875% 05/15/20290.1%
SS&C Technologies Inc5.500% 09/30/20270.1%
Shake Shack Inc0.000% 03/01/20280.1%
Fluor Corp4.250% 09/15/20280.1%
Madison IAQ LLC4.125% 06/30/20280.1%
VICI Properties LP / VICI Note Co Inc4.125% 08/15/20300.1%
Acadia Healthcare Co Inc5.500% 07/01/20280.1%
LAMB WESTON HOLDINGS INC0.000% -0.1%
Bukit Makmur Mandiri Utama PT7.750% 02/10/20260.1%
CCO Holdings LLC / CCO Holdings Capital Corp5.125% 05/01/20270.1%
Mineral Resources Ltd8.000% 11/01/20270.1%
Occidental Petroleum Corp6.450% 09/15/20360.1%
ASP Unifrax Holdings Inc5.250% 09/30/20280.1%
Hudbay Minerals Inc4.500% 04/01/20260.1%
Oregon Clean Energy LLC6.122% 03/01/20260.1%
Cedar Fair LP / Canada's Wonderland Co / Magnum Management Corp / Millennium Op5.375% 04/15/20270.1%
Phoenix Newco Inc4.916% 11/15/20280.1%
USIC Holdings Inc8.872% 05/14/20290.1%
Mong Duong Finance Holdings BV5.125% 05/07/20290.1%
SEG Holding LLC / SEG Finance Corp5.625% 10/15/20280.1%
Bristow Group Inc6.875% 03/01/20280.1%
Park River Holdings Inc6.750% 08/01/20290.1%
CPV Shore Holdings LLC6.130% 12/29/20250.1%
NESCO Holdings II Inc5.500% 04/15/20290.1%
Full House Resorts Inc8.250% 02/15/20280.1%
BCPE Ulysses Intermediate Inc7.750% 04/01/20270.1%
Commercial Metals Co4.125% 01/15/20300.1%
Equinox Holdings Inc11.250% 03/08/20240.1%
Tank Holding Corp8.427% 03/31/20280.1%
CRISPR Therapeutics AG0.000% -0.1%
Carpenter Technology Corp7.625% 03/15/20300.1%
Rocket Software Inc6.500% 02/15/20290.1%
Coinbase Global Inc3.375% 10/01/20280.1%
Ctec II GmbH5.250% 02/15/20300.1%
Windstream Escrow LLC / Windstream Escrow Finance Corp7.750% 08/15/20280.1%
Century Aluminum Co7.500% 04/01/20280.1%
US ULTRA BOND CBT Sep220.000% 09/30/20220.1%
Arena Luxembourg Finance Sarl1.875% 02/01/20280.1%
Compass Minerals International Inc4.875% 07/15/20240.1%
ACBL HLDG CORP0.000% -0.1%
Darling Ingredients Inc6.000% 06/15/20300.1%
Chemours Co/The5.375% 05/15/20270.1%
Boise Cascade Co4.875% 07/01/20300.1%
Foundation Building Materials Inc6.000% 03/01/20290.1%
FX USD/EUR 09/220.000% 09/12/20220.1%
Williams Scotsman International Inc4.625% 08/15/20280.1%
Life Time Inc5.750% 01/15/20260.1%
Perimeter Master Note Business Trust8.130% 05/15/20270.1%
Occidental Petroleum Corp6.625% 09/01/20300.1%
YPF Energia Electrica SA10.000% 07/25/20260.1%
New Home Co Inc/The7.250% 10/15/20250.1%
Party City Holdings Inc8.750% 02/15/20260.1%
Watco Cos LLC / Watco Finance Corp6.500% 06/15/20270.1%
Party City Holdings Inc6.625% 08/01/20260.1%
TransJamaican Highway Ltd5.750% 10/10/20360.1%
Virtusa Corp7.125% 12/15/20280.1%
Kane Bidco Ltd6.500% 02/15/20270.1%
Berry Global Inc4.875% 07/15/20260.1%
Maravai Intermediate Holdings LLC5.553% 10/19/20270.1%
Booz Allen Hamilton Inc4.000% 07/01/20290.1%
Jaguar Land Rover Automotive PLC4.500% 10/01/20270.1%
Nordstrom Inc4.375% 04/01/20300.1%
NSG Holdings LLC / NSG Holdings Inc7.750% 12/15/20250.1%
Great Wolf Trust 2019-WOLF5.130% 12/15/20360.1%
Studio City Co Ltd7.000% 02/15/20270.1%
Trinseo Materials Operating SCA / Trinseo Materials Finance Inc5.125% 04/01/20290.1%
Doncasters US LLC8.872% 03/06/20240.1%
BCPE Empire Holdings Inc7.625% 05/01/20270.1%
Sri Lanka Government International Bond5.875% 07/25/20220.1%
Avis Budget Car Rental LLC / Avis Budget Finance Inc4.750% 04/01/20280.1%
William Carter Co/The5.625% 03/15/20270.1%
UTEX INDUSTRIES0.000% -0.1%
Bread Financial Holdings Inc4.750% 12/15/20240.1%
Kernel Holding SA6.500% 10/17/20240.1%
Elwood Energy LLC8.159% 07/05/20260.1%
VUE INTERNATIONAL BIDCO PLC0.000% 07/03/20260.1%
Graphic Packaging International LLC3.500% 03/01/20290.1%
Ashton Woods USA LLC / Ashton Woods Finance Co4.625% 08/01/20290.1%
PRA Health Sciences Inc2.875% 07/15/20260.1%
Ashton Woods USA LLC / Ashton Woods Finance Co4.625% 04/01/20300.0%
Macquarie Bank Ltd/London6.125% 09/08/21700.0%
Teva Pharmaceutical Finance Netherlands III BV4.750% 05/09/20270.0%
Howard Hughes Corp/The4.375% 02/01/20310.0%
CLAIRES HOLDINGS0.000% -0.0%
Peabody Energy Corp6.375% 03/31/20250.0%
Afflelou SAS4.250% 05/19/20260.0%
Sunnova Energy Corp5.875% 09/01/20260.0%
Chemours Co/The4.625% 11/15/20290.0%
Graphic Packaging International LLC3.500% 03/15/20280.0%
ACBL HLDG CORP0.000% -0.0%
FX USD/GBP 09/220.000% 09/08/20220.0%
Shimao Group Holdings Ltd5.200% 01/16/20270.0%
UC HOLDINGS INC.0.000% -0.0%
Diamond Sports Group LLC / Diamond Sports Finance Co5.375% 08/15/20260.0%
CHINOS INTERMEDIATE HLDGS A IN9.000% 09/10/20270.0%
BRITAX CHILD SAFETY INC.2.232% 03/31/20250.0%
New Frontera Holdings LLC15.250% 07/28/20260.0%
US 10YR NOTE (CBT)Sep220.000% 09/30/20220.0%
Kernel Holding SA6.750% 10/27/20270.0%
Logan Group Co Ltd4.500% 01/13/20280.0%
Sunac China Holdings Ltd5.950% 04/26/20240.0%
Logan Group Co Ltd5.250% 02/23/20230.0%
Berry Global Inc5.625% 07/15/20270.0%
PARKWAY GENERATION LLC7.122% 02/18/20290.0%
Sunac China Holdings Ltd6.500% 01/10/20250.0%
Zhenro Properties Group Ltd7.350% 02/05/20250.0%
Commercial Mortgage Backed Index Swap3.000% 09/17/20580.0%
Holly Energy Partners LP / Holly Energy Finance Corp6.375% 04/15/20270.0%
CHINOS INTERMEDIATE 2 LLC0.000% -0.0%
ACBL HLDG CORP0.000% -0.0%
ESC 144A HERTZ CORP0.000% 01/15/20280.0%
New Frontera Holdings LLC3.750% 07/28/20280.0%
Commercial Mortgage Backed Index Swap3.000% 09/17/20580.0%
Commercial Mortgage Backed Index Swap3.000% 09/17/20580.0%
Radiology Partners Inc9.250% 02/01/20280.0%
FX USD/EUR 09/220.000% 09/12/20220.0%
TNT CRANE AND RIGGING0.000% -0.0%
FX USD/EUR 09/220.000% 09/12/20220.0%
REVLON ROLL UP0.000% -0.0%
CHINOS INTERMEDIATE 2 LLC0.000% -0.0%
Commercial Mortgage Backed Index Swap3.000% 11/17/20590.0%
FGI Operating Co LLC12.250% 05/16/20230.0%
Commercial Mortgage Backed Index Swap3.000% 09/17/20580.0%
AVSC Holding Corp0.250% 03/03/20250.0%
FX USD/EUR 09/220.000% 09/12/20220.0%
SABLE/BIGHORN LLC UNITS0.000% -0.0%
FRONTERA GENERATION0.000% -0.0%
FX EUR/USD 09/220.000% 09/12/20220.0%
FX EUR/USD 09/220.000% 09/12/20220.0%
FX GBP/USD 09/220.000% 09/08/20220.0%
TNT CRANE AND RIGGING0.000% -0.0%
Esdec Solar Group BV7.862% 08/30/20280.0%
FX GBP/USD 09/220.000% 09/08/20220.0%
FX GBP/USD 09/220.000% 09/08/20220.0%
FX GBP/USD 09/220.000% 09/08/20220.0%
FX GBP/USD 09/220.000% 09/08/20220.0%
Lightstone Holdco LLC5.921% 02/01/20270.0%
Miller's Ale House Inc7.050% 05/30/20250.0%
EURO-BUND FUTURE Sep220.000% 09/12/20220.0%
FX USD/EUR 09/220.000% 09/12/20220.0%
FX USD/EUR 09/220.000% 09/12/20220.0%
MIRABELA NICKEL LTD.1.000% 09/16/20440.0%
PERSIMMON MIDCO LLC0.000% -0.0%
Revlon Consumer Products Corp5.459% 06/30/20250.0%
Tonon Luxembourg SA6.500% 10/31/20240.0%
Travel Leaders Group LLC6.372% 01/25/20240.0%
Washington Mutual Bank / Debt not acquired by JPMorgan6.875% 06/15/20110.0%
Dutch Lion BV11.250% 06/15/20200.0%
FX EUR/USD 09/220.000% 09/12/20220.0%
FX USD/CAD 10/220.000% 10/20/20220.0%
FX USD/GBP 09/220.000% 09/08/20220.0%
Commercial Mortgage Backed Index Swap3.000% 09/17/20580.0%
Commercial Mortgage Backed Index Swap3.000% 11/17/20590.0%
FX EUR/USD 09/220.000% 09/12/20220.0%
FX USD/EUR 09/220.000% 09/12/20220.0%
FX EUR/USD 09/220.000% 09/12/20220.0%
Commercial Mortgage Backed Index Swap3.000% 11/17/20590.0%
Commercial Mortgage Backed Index Swap3.000% 09/17/20580.0%
Commercial Mortgage Backed Index Swap3.000% 09/17/20580.0%
Commercial Mortgage Backed Index Swap3.000% 09/17/20580.0%
LAC0.010% 12/31/20500.0%
Commercial Mortgage Backed Index Swap3.000% 11/17/20590.0%
LAC0.010% 12/31/20500.0%
Commercial Mortgage Backed Index Swap3.000% 09/17/20580.0%
CPI Swap0.010% 02/14/20320.0%
CPI Swap0.010% 02/14/20320.0%
Commercial Mortgage Backed Index Swap3.000% 11/17/20590.0%
Commercial Mortgage Backed Index Swap3.000% 09/17/20580.0%
CPI Swap0.010% 02/14/20320.0%
US 2YR NOTE (CBT) Sep220.000% 10/05/20220.0%
LAC0.010% 12/31/20500.0%
CPI Swap0.010% 05/12/20520.0%
Commercial Mortgage Backed Index Swap3.000% 09/17/20580.0%
Commercial Mortgage Backed Index Swap3.000% 09/17/20580.0%
US 10yr Ultra Fut Sep220.000% 09/30/2022-0.1%
LAC0.010% 12/31/2050-0.1%
US LONG BOND(CBT) Sep220.000% 09/30/2022-0.1%
US 5YR NOTE (CBT) Sep220.000% 10/05/2022-0.2%

Aggregate holdings are updated monthly, 30 days after month end. Aggregate holdings are presented to illustrate examples of the securities that the Fund has bought and the diversity of the areas in which the Fund may invest, and may not be representative of the Fund's current or future investments. The figures presented are as of the date shown and may change at any time.

Sector Allocationas of 08/31/2022

Sector Weighting Fund Change from Previous Quarter
Sector Weighting Fund Change from Previous Quarter
Energy arrowDown2.1%
Banking arrowDown0.3%
Technology & Electronics arrowDown0.1%
Leisure arrowUp0.2%
Insurance 0.0%
Services arrowUp0.7%
Capital Goods arrowUp0.6%
Financial Services arrowUp0.4%
Real Estate arrowDown0.8%
Automotive arrowUp0.4%
Telecommunications arrowUp0.1%
Basic Industry arrowDown1.7%
Media arrowUp1.2%
Healthcare arrowDown0.8%
Other arrowDown0.6%
Transportation arrowUp0.8%
Utility arrowUp0.4%
Retail arrowUp0.8%
^^ 0.0%
Consumer Goods arrowUp0.9%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

Dividend Payments

For
YTD Dividends Paidas of 09/23/2022
$0.250
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 08/31/2022 $0.03139 $6.28
Daily Daily 07/31/2022 $0.03107 $6.46
Daily Daily 06/30/2022 $0.03123 $6.16
Daily Daily 05/31/2022 $0.03159 $6.67
Daily Daily 04/30/2022 $0.03145 $6.72
Daily Daily 03/31/2022 $0.03234 $7.00
Daily Daily 02/28/2022 $0.03138 $7.11
Daily Daily 01/31/2022 $0.03006 $7.25

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 09/30/2022
Daily Daily 10/31/2022
Daily Daily 11/30/2022
Daily Daily 12/31/2022

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
12/16/2021 12/17/2021 - $0.0100 $0.0100 $7.45
*

Taxed as ordinary income

Lord Abbett does not provide tax advice. It is strongly recommended that you discuss the impact of dividends and distributions with your tax advisor. 

Upcoming Capital Gain Distribution

Record Date Ex-Dividend Date
12/19/2022 12/20/2022

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 09/23/2022

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $6.22
$100,000 to $249,999 1.75% 1.50% $6.19
$250,000 to $499,999 1.25% 1.00% $6.16
$500,000 to $999,999 0.00% 1.00% $6.08
$1,000,000 to $5,000,000 0.00% 1.00% $6.08

The 12b-1 trail commission is 0.15% (accrues immediately) for all fixed-income and municipal income funds.

Class A shares purchased without a sales charge (commissionable NAV) will be subject to a CDSC of 1% if they are redeemed before the first day of the month in which the one-year anniversary of the purchase falls.

For Sales Charge Reductions and Waivers View Full Disclosure

Expense Ratioas of 08/31/2022

Fund Documents

Fund Documents

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*"Barron's Best Fund Families of 2021", #4 ranking in the Taxable Bond category based on the net total return of the one-year period ending 12/31/2021, among 51 qualifying fund families. Ranking for the ten-year period ending 12/31/2021 is #2 out of 45 qualifying fund families.

Source: Barron’s, “Barron’s Best Fund Families of 2021,” February 18, 2022. Barron’s rankings are based on asset weighted returns in funds in five categories: general equity, world equity (including international and global portfolios), mixed asset (which invest in stocks, bonds and other securities), taxable bond, and tax-exempt (each a "Barron's ranking category"). Rankings also take into account an individual fund's performance within its Lipper peer universe. Lipper calculated each fund's net total return for the year ended December 31, 2021, minus the effects of 12b-1 fees and sales charges. Each fund in the survey was given a percentile ranking with 100 the highest and 1 the lowest in its category. That ranking measured how a fund compared with its peer "universe," as tracked by Lipper, not just the funds in the survey. Individual fund scores were then multiplied by the 2020 weighting of their Barron's ranking category as determined by the entire Lipper universe of funds. Those fund scores were then totaled, creating an overall score and ranking for each fund family in the survey in each Barron's ranking category. The process is repeated for the five- and ten-year rankings as well.

Barron's Fund Family Rankings are awarded annually.

To qualify for the ranking, firms must offer at least three active mutual funds or actively run ETFs in Lipper’s general U.S. stock category; one in world equity; and one mixed asset, such as a balanced or allocation fund. They also need to offer at least two taxable bond funds and one national tax-exempt bond fund. All funds must have a track record of at least one year. While the ranking excludes index funds, it does include actively managed ETFs and “smart beta” ETFs, which are run passively but built on active investment strategies.

© Refinitiv Lipper 2022. All Rights Reserved. Refinitiv, an LSEG (London Stock Exchange Group) business, is one of the world’s largest providers of financial markets data and infrastructure. Lipper provides global, independent fund performance data. Although Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Lipper.

+

Minimum initial investment varies depending on the class of shares you buy and the type of account. IRAs, SIMPLEs, and SEP accounts with payroll deductions have no minimums. Please see Fund prospectuses for additional information.      

                    

1

Dividend Yield is a financial ratio that shows how much a mutual fund pays out in dividends each year relative to value with maximum sales charges and without sales charges. The dividend yield is calculated by annualizing the last dividend and dividing it by the fund’s net asset value with maximum sales charges and without sales charges.

 

2

The 30-Day Standardized Yield represents net investment income earned by a fund over a 30-day period. It is expressed as an annual percentage rate using a method of calculation adopted by the Securities and Exchange Commission (SEC). Yields for other share classes will vary.

 

 

IMPORTANT INFORMATION

 

A Note about Risk: The Fund is subject to the general risks associated with investing in debt securities, including market, credit, liquidity, and interest rate risk. The Fund invests primarily in high-yield, lower-rated securities, sometimes called junk bonds. These securities carry increased risks of price volatility, illiquidity, and the possibility of default in the timely payment of interest and principal. The Fund may invest in foreign or emerging market securities, which may be adversely affected by economic, political, or regulatory factors and subject to currency volatility and greater liquidity risk. The Fund may invest in derivatives, which are subject to greater liquidity, leverage, and counterparty risk. These factors can affect Fund performance.

 

Performance data quoted is historical. Past performance is not indicative of future results. Current performance may be higher or lower than the performance quoted. The investment return and principal value of an investment in the Fund will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than their original cost. To obtain performance data current to the most recent quarter-end, go to quarter ending performance on our Website or call Lord Abbett at (888) 522-2388.

 

 

CUSIP identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by Standard & Poor’s Financial Services, LLC, and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, © 2011 American Bankers Association. “CUSIP” is a registered trademark of the American Bankers Association.

 

Class A  Except as noted below, returns with sales charges reflect a maximum sales charge of 5.75% for equity funds, 2.25% for all tax-free income funds, fixed income funds and multi-asset class funds. There are also ongoing 12b-1 service fees (and, in certain cases, distribution fees).

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1% if the shares are redeemed before the first day of the month in which the one year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

With Sales Charge - Returns with sales charges reflect applicable fees and expenses and include all distributions reinvested.

 

Without Sales Charge - Returns shown are without sales charges and have all distributions reinvested. If a sales charge had been deducted, the results would have been lower.

 

Returns shown at less than a year reflect aggregate total returns.

 

Double-Digit Returns - instances of high double-digit returns were achieved primarily during favorable market conditions and may not be sustainable over time.   

 

The ICE BofA Merrill Lynch U.S. High Yield Constrained Index is a capitalization-weighted index of all US dollar denominated below investment grade corporate debt publicly issued in the US domestic market. Qualifying securities must have a below investment grade rating (based on an average of Moody’s, S&P and Fitch), at least 18 months to final maturity at the time of issuance, at least one year remaining term to final maturity as of the rebalancing date, a fixed coupon schedule and a minimum amount outstanding of $100 million. The index caps individual issuer at 2%. Index constituents are capitalization-weighted, based on their current amount outstanding, provided the total allocation to an individual issuer does not exceed 2%. Issuers that exceed the limit are reduced to 2% and the face value of each of their bonds is adjusted on a pro-rata basis. The face values of bonds of all other issuers that fall below the 2% cap are increased on a pro-rata basis. In the event there are fewer than 50 issuers in the Index, each is equally weighted and the face values of their respective bonds are increased or decreased on a pro-rata basis.

Source: ICE Data Indices, LLC. 

Source ICE Data Indices, LLC (“ICE”), used with permission. ICE PERMITS USE OF THE ICE BofAML INDICES AND RELATED DATA ON AN "AS IS" BASIS, MAKES NO WARRANTIES REGARDING SAME, DOES NOT GUARANTEE THE SUITABILITY, QUALITY, ACCURACY, TIMELINESS, AND/OR COMPLETENESS OF THE ICE BofAML INDICES OR ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM, ASSUMES NO LIABILITY IN CONNECTION WITH THE USE OF THE FOREGOING, AND DOES NOT SPONSOR, ENDORSE, OR RECOMMEND LORD ABBETT, OR ANY OF ITS PRODUCTS OR SERVICES.

Indexes reflect total return, unless otherwise specified, with all dividends reinvested. Indexes are unmanaged, do not reflect the deduction of fees or expenses, and are not available for direct investment.

 

The Overall Morningstar RatingTM is derived from a weighted average of the performance figures associated with a fund's three-, five-, and 10-year (as applicable) Morningstar RatingTM metrics. © Morningstar, Inc. All rights reserved. The information contained herein (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

 

Morningstar proprietary ratings reflect historical risk-adjusted performance. For each fund with at least a three-year history, Morningstar calculates a Morningstar RatingTM based on a Morningstar risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. Load-waived ratings do not include any front-end sales charges (which are only available for certain defined contribution plans and certain mutual fund advisory programs) and should only be considered by investors who are not subject to sales loads. Not all funds with a load-waived rating may waive their front-end load. An investor should check with their advisor to determine if they are eligible to purchase the load-waived Class A share. The top 10% of the funds in an investment category receive 5 stars, 22.5% receive 4 stars, 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages). The Overall Morningstar rating is a weighted average of funds' three-, five-, and 10-year (as applicable) ratings. Past performance is no guarantee of future results. Morningstar Rating is for the Class A share only; other classes may have different performance characteristics.

 

Lipper Category Average - Peer group averages are based on universes of funds with the same investment objectives. The average return for the peer group is based on the returns of each individual fund within the group for the period shown. This average assumes reinvestment of dividends.

 

Fund Expense Ratio Detail: Reflects expenses for the Fund's fiscal year-end and is subject to change. Fund expenses may fluctuate with market volatility. A substantial reduction in Fund assets (since its most recently completed fiscal year), whether caused by market conditions or significant redemptions or both, will likely cause total operating expenses (as a percentage of Fund assets) to become higher than those shown.

 

 

Lipper Category Average Expense Ratio reflects the average net expenses of Class A shares of all funds with in the peer group based on Lipper data available.

 

The Fund's portfolio is actively managed and portfolio characteristics, such as individual holdings and sector weightings may change significantly over time. The portfolio data is for information only. It does not constitute a recommendation or an offer for a particular security or fund, nor should it be taken as a solicitation or recommendation to buy or sell securities or other investments.  

 

Dividends and Capital Gains: The information presented in this section is intended for general information and is not intended to be relied upon and should not be relied upon, as financial, legal or tax advice for any particular investor. We strongly recommend that you contact your financial, legal or tax advisor regarding your particular tax situation.

The information presented in this section is not written or intended to be used, and cannot be used, for the purpose of avoiding any tax liabilities or penalties.

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